Asia-Pacific Electrical Appliances Market to Grow at a CAGR of 7% During the Forecast Period, According to TMR Research
- Companies spend on R&D to offer an exclusive range of electrical appliances. Companies are expanding their product line to meet growing demand for electrical appliances
- Changing lifestyles due to rapid urbanization and increasing consumer purchasing power in developing countries such as China and India is likely to drive Asia Pacific appliance market
ALBANY, NY, April 28, 2022 /PRNewswire/ — The value of Asia Pacific the home appliance market stands at $288 billion in 2020. The global market is expected to grow at a CAGR of 7% during the forecast period, 2021 to 2031. The Asia Pacific electrical appliance market is expected to cross the value of US$589.9 billion by 2031. In order to reduce e-waste, companies Asia Pacific The electrical appliances market examines all phases of the manufacturing process, from purchasing and storage to product development and distribution. The increase in recycling activities is likely to be driven by advances in collection methods and growing consumer awareness.
the Asia Pacific the electrical appliance market is expected to be dominated by China. India is expected to grow at an exponential rate throughout the forecast period, followed by Japan.
In China, which is renowned for the mass production of electronics and smart products, the electronics industry has been the cornerstone of its success. Due to the growing number of households and their fascination with electrical appliances, the market for Japan and India is expected to increase significantly over the forecast period.
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Key Findings of the Market Report
- On the basis of end user, the residential segment is expected to dominate the market over the forecast period. Electrical appliances are in high demand as the world’s population continues to grow. Families became interested in acquiring items other than basic necessities as their average monthly income increased. As a result, households have started to acquire electrical appliances, which is likely to boost the Asia Pacific electrical appliance market throughout the forecast period.
- In terms of product category, audio and video equipment represents a large part of the Asia Pacific appliance market. The introduction of smart technology in home appliances is creating an internet environment that will likely benefit home lifestyles for a long time to come. This factor is expected to increase the demand for electrical appliances in Asia Pacific market in the years to come.
- In terms of operation, the auto category is expected to grow at a rapid rate over the forecast period. These devices help households save time and effort by allowing them to manage and operate their devices remotely using smartphone apps.
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Asia-Pacific Electrical Appliances Market: Growth Drivers
- Based on end-user, the residential category is likely to be one of the most dominant segments in terms of market share and growth. As the world’s population grows, so does the need for electrical products. Households are now able to afford items other than basic necessities as their average monthly income has increased. As a result, families have started buying electrical appliances, which is likely to support the expansion of the Asia Pacific appliance market in the near future.
- Due to the existence of a large number of brands with varying price points, the category of online distribution channels is expected to grow at a high rate in the near future. Growing popularity of buying electrical appliances online in Japan is likely to fuel the expansion of online retail sales in Asia Pacific. Additionally, the industry is expected to be driven by convenience as well as availability of items through online channels.
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Asia-Pacific Electrical Appliances Market: Key Competitors
- Koninklijke Philips NV
- Samsung Electronics Co.Ltd
- Toshiba Company
- Hitachi Ltd
- Apple Inc.
- Panasonic Company
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Asia-Pacific Electrical Appliances Market: Segmentation
type of product
- Audio and video equipment
- Large electronic devices
- Small electronic devices
- Personal care products
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